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Thursday, June 21, 2012

Fire sale: Yet despite Greece's best efforts, some analysts don't think the properties -- even those as luxurious as Astir Palace -- will sell. “On the downside," Prestige Property Group broker Mike Braunholtz told Bloomberg, "the whole world has its eyes on Greece and it would be considered a very risky environment to invest in until there is more clarity whether you’d be buying in euros, dollars or drachma.”

There has been a meme lately, pushed by the Germans, that Greece has already had "a hundred Marshall Plans." Wrong. Greece has mainly been granted just enough liquidity to go on paying the bankers. There was a good article in The Economist which shows that Greece has had nothing of the nature of a real Marshall Plan:http://www.economist.com/blogs/freeexchange/2012/06/economic-history?fsrc=gn_ep.The most significant thing about the Marshall Plan was that it functioned as a debt jubilee. Now, it's easy to see why the neo-liberals would be confused as the concept of a debt jubilee goes against the grain of their whole worldview.